SEC approves spot Ether ETFs.


Yesterday, the Securities and Exchange commission approved rule changes to allow spot Ether ETFs to trade. Ether has a market value of around $450bn and is the second largest cryptocurrency.

The new ETFs is likely to make it easier to hold for financial advisors and institutional investors. Traders might have to wait for Ether funds; issuers like VanEck, BlackRock, Fidelity, and Invesco await feedback on registration documents.

The SEC had no comment beyond approval orders. It and industry will focus on refining the funds' registration documents (S-1s), detailing fees and product operations. Unlike the approved rule changes on Thursday, there is no set deadline for the agency to approve S-1s.

It remains uncertain whether Ether ETFs will achieve the same level of popularity as Bitcoin funds, which entered the market in January and have amassed billions in assets. Companies like ProShares and VanEck offer exchange-traded products holding Ether futures, but they have only attracted a fraction of the assets compared to their Bitcoin counterparts.

Excitement surrounding the approval of Ether ETFs has contributed to the recent surge in the crypto market. Ether is up close to 20% for the week over the week, currently trading around $3,670.

Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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